NZME cuts earnings guidance as advertising slows

NZME's chief executive, Michael Boggs. (Image: NZME)

Wed, 09 Nov 2022

New Zealand Media and Entertainment (NZME) has lowered its earnings guidance by as much as $5 million as businesses pull back on advertising.The media company said it now expects earnings before interest, tax, depreciation, and amortisation (Ebitda) to be between $64m and $67m, in the year ended December.This was a downgrade from the August guidance of between $67m and $72m, but still an increase on 2021 earnings of $62.6m – excluding GrabOne, which it sold to Global Marketplace NZ.Business and consumer uncertainty have resulted in less a...

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